New York: US stocks pared losses after a tumultuous morning session focused on trade and interest rates. Energy producers buoyed indexes as crude rebounded. Treasuries came off highs.

The S&P 500 Index reversed almost all of an earlier loss, with heath-care firms pacing the advance, while tech shares led declines. Trade headlines whipsawed equities, with investors looking for any sign that President Donald Trump would ease tensions with China at the upcoming G-20 meeting. Financial stocks also retreated as the dovish tone from the Federal Reserve Wednesday sent the 10-year Treasury yield to the lowest level in two months. West Texas crude surged above $51 a barrel on reports Russia would consider curbing production, lifting oil companies.

Trade and political developments vied for attention Thursday as Trump heads to Buenos Aires to meet President Xi Jinping. The latest twist in Robert Mueller’s investigation threatened to distract Trump after his former lawyer, Michael Cohen, pleaded guilty to new crimes related to the his business dealings in Russia. While the dovish Fed turn potentially removed a market overhang, the trade tensions remained a problem for investors concerned that global growth is slowing.

“The trade and tariff concern is probably something that is going to persist through 2019. If you do resolve that, if things don’t get worse, then even with that, growth should slow a little bit after this year," Burns McKinney, a portfolio manager at Allianz Global Investors, said on Bloomberg TV.

In Europe, shares and bonds rose, while the pound fell as UK Prime Minister Theresa May raised the prospect of a “no deal" Brexit. Deutsche Bank AG slid after prosecutors said its headquarters were being searched in a money laundering probe.

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